当内蒙古乌兰察布的晨光照亮崔亚芹的牧场，准备回河南老家过年的她，已在手机上为家人选好了年 货；重庆巫溪郑发燕的驿站门口，红色的包裹也已堆起小山，赶着办年货的村民们进进出出，手上拎着 的是各类生鲜和坚果；甘肃平凉的崔选科踩着积雪走向村口，准备取出他这些天在手机上反复琢 磨"刷"出来的香甜糖果和枣子，还有平日在西北大山见不到的南方绿叶菜，为家里的饭桌添些"新鲜 感"。 临近春节，村民们拼单了服饰、日百、坚果等年货。摄影：夏林琳 这些平凡热闹的场景，每天都在中国广阔的乡村同步上演，而春节的喜庆氛围，无疑让这幅画卷变得更 加密集与生动。 春节，这个最具仪式感的消费旺季，是一面观察中国经济毛细血管最细微搏动的棱镜，也是观察城乡消 费变迁的特殊窗口。成千上万的快递箱满载着年货，穿过平原、翻过雪山、驶过草原，最终抵达一个个 驿站、一户户院落。它们不仅带来了物质丰足，更传递着一种超越地理界限的平等暖意——曾经因距离 而产生的消费与生活鸿沟，正在被流动的包裹悄然弥合。 2025年，每4个包裹中，就有1个最终流向中国的田间地头。国家邮政局数据显示，当年农村地区快递业 务量占比已达28%，这一比例较"十三五"末期显著提升。这背后， ...

当内蒙古乌兰察布的晨光照亮崔亚芹的牧场，准备回河南老家过年的她，已在手机上为家人选好了年货；重庆巫溪 郑发燕的驿站门口，红色的包裹也已堆起小山，赶着办年货的村民们进进出出，手上拎着的是各类生鲜和坚果；甘 肃平凉的崔选科踩着积雪走向村口，准备取出他这些天在手机上反复琢磨 "刷"出来的香甜糖果和枣子，还有平日 在西北大山见不到的南方绿叶菜，为家里的饭桌添些"新鲜感"。 这些平凡热闹的场景，每天都在中国广阔的乡村同步上演，而春节的喜庆氛围，无疑让这幅画卷变得更加密集与生 动。 春节 ，这个最具仪式感的消费旺季，是一面观察中国经济毛细血管最细微搏动的棱镜 ，也是观察城乡消费变迁的 特殊窗口。 成千上万的快递箱满载着年货，穿过平原、翻过雪山、驶过草原，最终抵达一个个驿站、一户户院落。 它们不仅带来了物质丰足，更传递着一种超越地理界限的平等暖意 ——曾经因距离而产生的消费与生活鸿沟，正在 被流动的包裹悄然弥合。 重构距离：当 "赶集路"变成"家门口" "走，取快递去！"在重庆市巫溪县的一处村庄，这句话正在取代"去赶场"，成为村民们出门时的新招呼。 郑发燕的拼多多驿站，就设在自家小区里。这名 43 岁宝妈于 2025 年底 ...

Core Viewpoint - The article discusses the impact of AI development on e-commerce platforms, particularly focusing on the competitive dynamics between companies like Amazon, Alibaba, and Pinduoduo, emphasizing the importance of consumer trust and value delivery in the retail sector [6][29]. Group 1: AI and E-commerce Dynamics - The daily token consumption in China is projected to increase from 100 billion at the beginning of 2024 to 40 trillion by September 2025, representing a growth of over 400 times [7]. - Major US tech companies are significantly increasing their capital expenditures for AI infrastructure, with Google estimating its 2026 CapEx to be between $175 billion and $185 billion, nearly double its 2025 spending [8]. - Amazon's projected capital expenditure for 2026 is $200 billion, primarily focused on AWS AI infrastructure, while Microsoft anticipates around $150 billion in spending [9]. Group 2: Competitive Analysis of E-commerce Platforms - Amazon's 2025 GMV is estimated at approximately $700 billion, with AI assistant Rufus contributing $12 billion in annual transaction volume, accounting for 1.67% of total GMV [11][12]. - The article critiques the effectiveness of AI assistants in enhancing user experience, suggesting that they often serve as high-level customer service rather than providing significant incremental value [17]. - Pinduoduo's business model emphasizes "lowest price" as a prerequisite for advertising, contrasting with Amazon and Alibaba, which rely on advertising revenue from brand merchants [20][21]. Group 3: Consumer Trust and Value Proposition - The article argues that platforms like Costco succeed because they prioritize consumer trust and value, contrasting with Amazon and Alibaba, which may not always align with consumer needs [22]. - The effectiveness of AI shopping assistants is questioned, particularly in their ability to deliver on consumer expectations for price and quality, with the assertion that they cannot change the underlying business models of platforms like Alibaba [22][23]. - The article concludes that the future of AI in e-commerce will likely favor companies that can maintain consumer trust and deliver genuine value, with Apple and WeChat identified as potential leaders in this space due to their business models [27][28].

Core Viewpoint - Jinglin Capital has significantly adjusted its US stock holdings in the fourth quarter, reducing its position in Nvidia while increasing investments in Google, Pinduoduo, and Intel [1][5]. Group 1: Holdings Overview - As of the end of the fourth quarter, Jinglin's total US stock holdings amounted to $4.04 billion, a decrease of 3.37% from the previous quarter [2]. - The top ten holdings include Google, Meta, Pinduoduo, NetEase, Manbang, Futu, Nvidia, Alibaba, Intel, and Yaduo [2]. Group 2: Major Increases in Holdings - The largest increase in holdings was in Google, where the number of shares rose to 2.69 million, reflecting a 52.81% increase, making it the largest position at 20.82% of the portfolio [4]. - Jinglin also initiated a position in Broadcom with 245,800 shares, representing 2.1% of the portfolio, and increased holdings in Pinduoduo, Intel, and Futu [4]. Group 3: Major Reductions in Holdings - The most significant reduction was in Nvidia, where Jinglin sold 1.5409 million shares, a decrease of 64.78%, reducing its portfolio share to 3.86% [5]. - Additionally, Jinglin reduced its stake in Meta by 22,910 shares, resulting in an 18.68% decrease in holdings [5]. Group 4: Investment Strategy Insights - Jinglin's partner and fund manager, Gao Yuncheng, highlighted the importance of companies in emerging sectors like AI, new energy, and smart driving, emphasizing the ongoing transformation across industries [5][6]. - The core holdings are characterized by strong customer loyalty, pricing power, and distinct product differentiation, focusing on companies with stable valuations and cash flows [6].

Group 1 - Zhang Yiming, founder of ByteDance, tops the Forbes 2026 China Rich List with a net worth of $69.3 billion, surpassing Zhong Shanshan for the first time [2][5] - The list reflects a significant reshuffling, with many traditional industries being disrupted by the rise of internet and hard technology sectors [2][5] - The top ten includes major figures from technology, new energy, and manufacturing, indicating a shift in wealth towards hard tech [6] Group 2 - Lei Jun of Xiaomi makes a notable comeback, ranking tenth with a net worth of $30.4 billion, surpassing Jack Ma, who is now ranked eleventh with $29.6 billion [2][5] - ByteDance's investments in AI, including a $160 billion budget for AI development, are key to Zhang Yiming's wealth increase [5] - The real estate tycoons have seen a decline, with internet billionaires now making up less than 40% of the list, highlighting a trend towards AI, new energy, and high-end manufacturing [6]

【导读】景林资产四季度减持英伟达，增持谷歌、拼多多 私募巨头景林资产海外主体景林资产管理香港有限公司（以下简称景林香港公司），近日向美国证券交 易委员会（SEC）提交了截至2025年四季度末的美股持仓数据。 根据13F文件，截至2025年12月31日，景林香港公司四季度末在美股市场合计持仓总市值为40.45亿美 元，较三季度末的44.41亿美元下降了8.92%。 从调仓动向来看，去年四季度景林香港公司新买进了1只证券，加仓了5只证券，同时清仓了3只证券， 减持了10只证券。其中，景林香港公司大幅削减了对英伟达的持仓，同时将谷歌母公司Alphabet提升至 第一大重仓股。 记者从渠道获悉，景林资产认为，AI对各行各业的渗透和改造才刚刚开始，未来的巨头现在可能还是 刚起步的AI原生公司。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $4.04b, Prior: $4.44b | | Inflows (Outflows) as % of Total | (-3.3728)% | | MV | | | New Purchases ...

Core Insights - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet Inc. to become the largest holding in the fourth quarter of 2025 [1][6]. Group 1: Portfolio Overview - Jinglin Asset's total market value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total market value [2][5]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,680 shares or 52.81% from the previous quarter [2][5]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,056 shares or 18.69% [2][5]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,306 shares or 18.21% [3][5]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [6][7]. - The fund also reduced its stake in Meta by approximately 229,056 shares, leading to its drop from the top position to second largest [6]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,680 shares and in Pinduoduo by approximately 611,306 shares, indicating a strategic shift in technology stock allocation [6][7]. Group 4: Other Notable Adjustments - The fund also reduced its positions in other semiconductor-related stocks such as TSMC and Spotify, while increasing its stake in Intel by approximately 694,363 shares [7][9]. - Notably, Jinglin continued to reduce its holdings in KE Holdings, having sold 1.88 million shares in the fourth quarter, following a significant reduction in the previous quarter [9].

Core Viewpoint - Jinglin Asset significantly reduced its holdings in NVIDIA while increasing its position in Alphabet, making it the largest holding in the fourth quarter of 2025 [1][5]. Group 1: Portfolio Overview - Jinglin Asset's total portfolio value for the fourth quarter was $4.04 billion, down from $4.44 billion in the previous quarter, reflecting a decrease of approximately 3.37% [2][1]. - The fund made one new purchase, added to five existing positions, sold out of three stocks, and reduced holdings in ten stocks, with the top ten holdings accounting for 82.85% of the total portfolio [2][1]. Group 2: Major Holdings - Alphabet Inc. (GOOGL) is the largest holding with approximately 2.69 million shares valued at about $841.97 million, representing 20.82% of the portfolio, an increase of about 929,700 shares from the previous quarter [2][4]. - Meta Platforms Inc. (META) is the second-largest holding with approximately 996,908 shares valued at about $658.05 million, accounting for 16.27% of the portfolio, a decrease of about 229,000 shares [3][4]. - Pinduoduo (PDD) ranks third with approximately 3.97 million shares valued at about $449.96 million, representing 11.12% of the portfolio, an increase of about 611,300 shares [3][4]. Group 3: Changes in Holdings - Jinglin Asset reduced its holdings in NVIDIA by approximately 1.54 million shares, cutting over 60% of its position, due to market concerns regarding AI industry financing [5][1]. - The fund also decreased its position in Meta by about 229,000 shares, leading to its drop from the top position to second [5][1]. - In contrast, Jinglin increased its holdings in Alphabet by approximately 929,700 shares and also added to its positions in Intel and Futu Holdings [5][6].

Group 1 - US stock market indices experienced significant gains, with the Dow Jones rising 2.47% to surpass 50,000 points, marking a new closing high, and a weekly increase of 2.5% [1] - The Nasdaq Composite rose by 2.18%, with a weekly decline of 1.84%, while the S&P 500 increased by 1.97% with a weekly drop of 0.1% [1] - The Philadelphia Semiconductor Index surged by 5.7%, with Nvidia increasing nearly 8%, adding $325 billion in market value, and Broadcom rising over 7% [1] Group 2 - Cryptocurrency and precious metals saw notable gains, with Circle and Coinbase rising over 13%, and AMD and Coherent increasing over 8% [1] - The Nasdaq Golden Dragon China Index rose by 3.71%, with a weekly increase of 0.99%, highlighting strong performance among popular Chinese stocks [1] - Notable gains in Chinese stocks included XPeng up 4.9%, NIO up 7.4%, and Baidu up 5%, indicating positive sentiment in the Chinese market [1] Group 3 - The AI ETF (product code: 515070) tracked the CSI Artificial Intelligence Theme Index and saw a five-day decline of 8.45% with a P/E ratio of 60.69 [2] - The Gaming ETF (product code: 159869) tracked the CSI Animation and Gaming Index, experiencing a five-day decline of 3.77% with a P/E ratio of 39.87 [2] - The Robot ETF (product code: 562500) tracked the CSI Robot Index, while the A50 ETF (product code: 159601) tracked the MSCI China A50 Connect RMB Index [2]

减持新思科技、谷歌C、Spotify、联合健康、台积电、Sea、优步（Uber）、Weride Inc.，减持Meta Platforms 22.906万股，减持英伟达154万股，减持贝壳188万股。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 据景林资产13F披露文件，景林资产管理香港有限公司四季度增持谷歌母公司Alphabet（谷歌A）92.968 万股，增持英特尔69.436万股，增持拼多多61.131万股，并增持博通和富途控股。 在其投资组合中，重仓谷歌A、Meta、拼多多、网易、满帮，英伟达配置占比第七，阿里巴巴、英特尔 紧随其后。 ...